Trivello Acquires Historic Tom Mine in the Northwest Territories
02 Febbraio 2010 - 4:27PM
Marketwired
Trivello Energy Corp. (TSX VENTURE: TRV) (the "Company") is pleased
to announce that it has acquired the historic Tom Gold Mine and
related claims, located approximately 10 km northeast of
Yellowknife, NWT.
Under the terms of the Acquisition Agreement, Trivello will
acquire 100% mineral interest in the Tom Gold Mine related claims
from Zimtu Capital Corp. and 877384 Alberta Ltd. Total
consideration of the Acquisition is $100,000.00 cash, and the
issuance of 2.0 million common shares of the Company.
Arndt Roehlig, President of Trivello, states; "Trivello has
navigated through a very challenging year with a primary focus on
natural gas. Management and the board invested considerable time
and effort considering all available options to maximize
shareholder value. Given the volatility still present in the global
economy, and suppressed natural gas prices, it was determined that
expanding our resource holdings into the gold sector was a prudent
course of action for our Company. The Tom Gold Mine's historical
production, and the vendor's credibility in the sector, gave us
added comfort that the Tom Gold Mine opportunity was the right
opportunity for our gold strategy. Moving forward, we will expand
our gold strategy and continue to review all options to maximize
value from our natural gas assets."
About Tom Gold Mine Project
The Tom Gold Mine Project includes five mineral claims totaling
650 acres (263 hectares) situated approximately 10 km northeast of
Yellowknife, NWT and is accessible year round via an all-weather
road. The Tom Mine Property was first worked by Cominco in the
early 1940's in tandem with bringing the Ptarmigan Mine, located
approximately 1.5 km to the south, into production. The Ptarmigan
Mine was closed in 1942, shortly after it opened, due to the war.
The Tom Property and Ptarmigan Mine were then acquired by Treminco
Resources Ltd. in 1985 and both put into production from 1986 to
1997 when low gold prices forced Treminco to close operations (gold
traded within the range of $283 to $362.15 per ounce in 1997).
In the later years of production, the Tom Mine represented a
growing percentage of Treminco's overall gold production and
represented approximately 1/3 of their total production in 1997.
From February 1986 to July 1987, 19,000 tonnes of ore were
extracted from the Tom Mine producing approximately 4,083 ounces of
gold. Between 1987 and 1995 production from Tom was not recorded as
it was grouped with Ptarmigan's production. However, another 2000
ounces of gold were produced from Tom from 1995 to 1997.
The Tom Property is underlain by amphibolite-grade
metaturbidites of the Burwash Formation. At the property, at least
four quartz veins were drilled. The primary producer was the Tom
No. 3 vein with the C-vein becoming the major producer by
1991-1992. The Tom No. 3 vein was discontinuous to 8 m wide, over a
strike length of about 365 m. The quartz vein contained less than
1% other minerals, including pyrite, sphalerite, galena and lesser
amounts of other sulphides.
Additional information about the Tom Gold Mine project and
Trivello's gold strategy will distributed in due course.
The technical information provided above for the Tom Gold Mine
project was prepared by Darren Smith, M.Sc., P.Geol, a qualified
person as defined by NI 43-101.
On behalf on the Board of Directors:
Arndt Roehlig, President
The TSX Venture Exchange has not reviewed this news and does not
accept responsibility for the adequacy or accuracy of this
release.
Contacts: Trivello Energy Corp. Arndt Roehlig President (604)
687-3113 or Toll Free: 1-888-687-3113 www.trivello.com
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